Theory of consumer behaviour — Economics STD 11 Commerce — Question

The price of a commodity is 12 per unit and its quantity supplied is 500 units. When its price rises to 15 per unit, its quantity supplied rises to 650 units. Calculate its price elasticity of supply. Is supply elastic?

Individual demand and market demand.

Distinguish between change in supply and change in quantity supplied. Which of these causes a shift of supply curve?

A consumer consumes only two goods X and Y. At a consumption level of these two goods, he finds that the ratio of Marginal utility to price in case of X is lower than in case of Y. Explain the reaction of the consumer through utility analysis.
OR
A consumer consumes only two goods X and Y and is in equilibrium. Price of X rises. Explain the reaction of the consumer with the help of utility analysis.
 OR
By spending his entire income only on two goods X and Y, a consumer finds that Explain how will the consumer react?

Define cost. State the relation between Marginal Cost and Average Cost.
OR
Explain the relation between AC and MC.

State the law of demand and show it with the help of a schedule.

Marginal utility and Total utility.

Define total fixed cost (Supplement/ Indirect/ overhead cost).
OR
Define fixed cost.

OR
What is meant by fixed (supplementary) costs of a firm? Give examples.